AQR Capital Management LLC Boosts Stake in HP Inc. (NYSE:HPQ)

AQR Capital Management LLC grew its stake in HP Inc. (NYSE:HPQ) by 4.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,359,174 shares of the computer maker’s stock after acquiring an additional 213,116 shares during the quarter. AQR Capital Management LLC’s holdings in HP were worth $186,928,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock worth $3,649,919,000 after purchasing an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of HP by 6.2% during the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after acquiring an additional 1,319,731 shares in the last quarter. LSV Asset Management lifted its position in HP by 3.3% during the first quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock valued at $383,028,000 after acquiring an additional 403,355 shares during the last quarter. Northern Trust Corp boosted its stake in HP by 0.4% in the fourth quarter. Northern Trust Corp now owns 10,172,444 shares of the computer maker’s stock valued at $306,089,000 after acquiring an additional 40,884 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in HP by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 8,402,432 shares of the computer maker’s stock worth $294,253,000 after purchasing an additional 287,861 shares during the last quarter. 77.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on HPQ shares. Citigroup increased their price objective on HP from $35.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, May 30th. TD Cowen raised their price target on HP from $30.00 to $32.00 and gave the stock a “hold” rating in a report on Thursday, May 30th. Barclays cut their price objective on shares of HP from $33.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Morgan Stanley lowered their target price on shares of HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of HP from $38.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, HP presently has an average rating of “Hold” and an average target price of $35.55.

Insider Activity at HP

In other HP news, CEO Enrique Lores sold 211,501 shares of HP stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.16, for a total value of $7,013,373.16. Following the completion of the transaction, the chief executive officer now owns 3 shares of the company’s stock, valued at $99.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.41% of the company’s stock.

HP Stock Performance

Shares of HPQ opened at $36.05 on Thursday. The business’s 50-day moving average is $35.06 and its two-hundred day moving average is $33.13. The company has a market capitalization of $35.28 billion, a P/E ratio of 12.18, a P/E/G ratio of 2.35 and a beta of 1.07. HP Inc. has a fifty-two week low of $25.22 and a fifty-two week high of $39.52.

HP (NYSE:HPQ) last posted its earnings results on Wednesday, August 28th. The computer maker reported $0.83 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.03). HP had a negative return on equity of 266.37% and a net margin of 5.33%. The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $13.37 billion. During the same period last year, the business earned $0.86 earnings per share. The firm’s revenue was up 2.4% on a year-over-year basis. Analysts forecast that HP Inc. will post 3.39 EPS for the current year.

HP declared that its board has authorized a share repurchase program on Wednesday, August 28th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the computer maker to reacquire up to 28.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

HP Profile

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.